LAKE FOREST, Calif., June 30, 2022 /PRNewswire/ — BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, announced that, June 30, 2022, it entered into an amendment to its senior secured term loan with SWK Funding LLC. The amendment extends the interest-only period of the loan by two quarters for November 2023 and reduced the minimum consolidated unencumbered liquid assets by $7,500,000 at $5,500.00. BIOLASE used part of the proceeds from its recent stock offering to prepay $1,000,000 of the outstanding loan balance.
“The recent equity issuance allowed us to prepay a portion of our senior secured term loan,” commented John Beaver, Chairman and Chief Executive Officer of BIOLASE. “This prepayment and amendment will result in lower interest expense while increasing the company’s liquidity.”
“Biolase continues to bring state-of-the-art dental laser solutions to dentists and patients. SWK remains a supporting partner of the company and its mission,” commented Winston BlackChairman and CEO of SWK Holdings.
SWK Funding LLC is a subsidiary of SWK Holdings Corporation, a Dallas, TXhealthcare-focused investment company.
BIOLASE is a medical device company that develops, manufactures, markets and sells laser systems in dentistry and medicine. BIOLASE products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE’s proprietary laser products incorporate approximately 301 patented and 32 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. BIOLASE’s innovative products offer advanced technology at competitive prices to deliver superior results for dentists and patients. BIOLASE’s main products are revolutionary dental laser systems that perform a wide range of dental procedures, including cosmetic and complex surgical applications. BIOLASE has sold over 43,300 laser systems to date in over 80 countries worldwide. The laser products under development address BIOLASE’s core dental market and other adjacent medical and consumer applications.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified by the use of words such as “may”, “could”, “will”, “intend”, “should”, “could”, “may”, “would”, “will continue”, “expect”, “believe”, “anticipate”, “estimate”, “predict”, “prospect”, “potential”, “plan”, “seek” and similar expressions and variations or the negatives of these terms or other comparable terms Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE’s current expectations and speak only as of the date of this release. Actual results may differ materially from BIOLASE’s current expectations based on a number of factors. These factors include, among others, the risks and uncertainties that are described in the “Risk Factors” section of BIOLASE’s annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, BIOLASE assumes no responsibility to revise or update any forward-looking statement.
EVC Group LLC
Michel Polyviou / Todd Kehrli
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SOURCE BIOLASE, Inc.